Bitcoin, Gold Post Strikingly Similar Bearish Moves as Cash Demand Rises

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Bitcoin and Gold markets formed a strong intraday positive correlation for the first time since January 2020. The safe-haven rivals suffered losses on Thursday as investors rushed to the safety of cash. Peter Mallouk, president and chief investment officer of Creative Planning, advised investors not to gain exposure in Gold and Bitcoin. Even though Bitcoin remains a non-correlated asset, its price moves on Thursday were strikingly similar to that of its safe-haven rival Gold. The benchmark cryptocurrency declined by $536, or 5.31 percent, to close the day at $9,018. Its move downhill came as a part of a more significant bearish correction that started after it topped near $10,000 earlier this week. Traders used the local highs for profit-taking, a sentiment that triggered further on Wednesday amid a rumor. On the other hand, Gold showed similar corrective characteristics after its spot price hit a seven-year high this week. The yellow…

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